The surplus in the Euro Zone Current Account failed to support the Euro

By IBT Staff Reporter On 09/18/09 AT 10:05 AM

Despite the lack in the United States fundamentals today, we see that the optimism prevailed in the markets today effected by the data reported from the US in the last period which reflected an improvement in many of the US sectors. This optimism led the US index to incline after retreating at the beginning of the trading.

After being supported from the US data the dollar rebounded against major currencies; the EURUSD declined, continuing the downside trend on the daily charts. Despite that, the pair is still overbought after the Euro reached its highest level in the year against the dollar, the data released from the Euro Zone which showed a surplus in the Current Account didn’t support the Euro and it continued its decline. The pair Started trading today at 1.6898, recorded the high of 1.6905 and the low of 1.6882, and its currentlybeing traded at 1.6892 after breaking the support levels 1.6897.

Moving to the GBPUSD , declined on the daily interval, but showing an upside move on the four hours interval. The pair started trading at 1.6448 levels , recording a high of 1.6452 and a low of 1.6295, while the pair is trading now around 1.6361 levels after breaking the support levels 1.6393.

The USDJPY inclined on the daily and the four hours interval, the pair started an upside trend afterthe decline seenlast week, when the US dollar reached its lowest since August 10. The pair is trading around 91.25 levels, trying to breach the resistance levels 91.67, where earlier the pair recorded a highe of 91.47 and alowest of 90.98.